Indian stock markets remain under pressure as uncertainty looms over both global and domestic factors. The BSE Sensex slipped below 77,000, dropping over 1,000 points during intraday trade, while the NSE Nifty50 also witnessed a sharp decline.
Market sentiment remained weak, with all sectoral indices trading in the red. Stocks from consumer durables, capital goods, IT, oil & gas, healthcare, power, PSU, realty, and telecom sectors fell between 1% to 3%.
The broader market also took a hit, with BSE Midcap and Smallcap indices tumbling 3% each.
By noon, the market continues to trade in the red, with the Sensex down over 800 points or 0.52% at 76,911.42, while the Nifty has declined 160 points to 23,219.
At 10:25 AM, the Sensex was down 317.41 points or 0.41%, trading at 76,994.39. Meanwhile, the Nifty slipped 105.65 points or 0.45% to 23,275.95.
In the morning trading hours, in the Nifty 50 pack, Adani Enterprises led the gainers, rising 3.11%, followed by Grasim Industries up 2.25%, Trent gaining 0.83%, Infosys adding 0.71%, and Hindalco up 0.60%. On the losing side, Eicher Motors dropped 5.55%, Apollo Hospitals declined 3.57%, SBI Life fell 2.19%, Power Grid dropped 2.18%, and BEL slipped 2.07%.
After opening flat, the market turned red in the early trade, with the BSE Sensex slipping 194.98 points or 0.25% to 77,116.82 at 9:25 AM. Meanwhile, the Nifty 50 declined 73.35 points or 0.31%, trading at 23,308.25
The Nifty Bank opened lower on Tuesday, slipping 230.05 points or 0.46% to trade at 49,750.95 in early deals. Weak sentiment also weighed on the Nifty Midcap 100, which dropped 566.85 points to 51,904.20.
The indices opened Tuesday’s trading session on a flat note. The NSE Nifty 50 began the session points or 1.90% higher at 23,383.50 , while the BSE Sensex gained 73.18 points or 0.09% to start at 77,385.
“The nifty fell for a fourth day yesterday – the first time it happened since mid January – and closed at the critical 23381 level. Yesterday, breadth was firmly negative, with nearly 90% of NSE500 stocks ending down, suggesting that weakness persists. Next support on the downside for the nifty sits between 23164 – 23287 while resistance is expected to be offered between 23480 and 24621,” said Akshay Chinchalkar, Head of Research, Axis Securities.
Market Recap: Monday’s performance
On Monday, the BSE Sensex dropped 548.39 points, or 0.70%, to close at 77,311.80. The Nifty 50 also lost momentum, falling 178.35 points, or 0.76%, to settle at 23,381.60.
“The significant trend in the ongoing bearish phase of the market is the outperformance of largecaps over the broader market. While the Nifty Midcap and Smallcap indices are down 8.6% and 11.3% respectively YTD, the Nifty is down only 1.52%. This outperformance is likely to continue, going forward,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The relentless selling by FIIs in largecaps has made their valuations fair while the valuations of mid and smallcaps continue to be excessive. FIIs will certainly turn buyers in India; but that will happen only when the dollar index turns weak. We know that it will happen, but don’t know when. What investors have to do now is to buy quality largecaps in banking, IT, autos, pharma and capital goods and wait patiently. When FIIs turn buyers in India, which is inevitable, they will be buying the largecaps which they are selling now. For patient investors, this is a good opportunity,’ he added.
Gold prices today
Gold prices in India soared to an all-time high, touching Rs 86,000 per 10 grams in early trade, as per the India Bullion Association.
According to Goodreturns, the 22 carat gold rate today stands at Rs 79,810 per 10 grams, while the 24 carat gold rate today is Rs 87,070 per 10 grams. For those looking at smaller quantities, the 1 gram gold rate today is Rs 7,981 for 22 kt and Rs 8,707 for 24 kt. Meanwhile, the 18 carat gold price today is Rs 6,530 per gram.
On the MCX, April gold contracts touched a fresh high of Rs 85,680 per 10 grams before slightly retreating. The contract was last seen trading at Rs 85,674, up Rs 786 or 0.93%. In the global market, gold price today remained firm at $2,923 per ounce, with rising trade tensions, including Trump’s tariffs.